Making Cents: Helping to care for aging parents

Tuesday

Jan 28, 2014 at 10:50 AMJan 28, 2014 at 10:51 AM

By John Napolitano

Many baby boomers are finding that their aging parents are in need of health care assistance. Luckily, there are many options available today to help your parents grow old gracefully, either in their own home or in a facility, and several ways that you can finance the costs of the care.

Many families opt for moving an aging parent into their own home. If you are able to peacefully coexist with your parent, this may be a good idea because the arrangement frees you from worry about the upkeep of a second home, and you and your children can have valuable time to spend with your loved one.

When living together is not a workable plan, maintaining your parent in his or her own home is also an option. There are, however, several fairly expensive things that may be required to make a home environment safe and suitable for an aging person. Various safety features may be necessary, including first-floor bathrooms, grab bars in hallways and bathrooms, and a personal emergency response system in case your parent needs assistance while alone.

If your parent is in need of daily assistance with meals or chores, he or she can apply for several services such as Meals on Wheels, which may be free for anyone over 60. If your parent needs more personal assistance, you may want to look into hiring an in-home aide at a skill level appropriate for the amount of help needed.

Medicare will only pay the full cost of professional help if a physician certifies that your parent requires nursing care and if these services are provided by a Medicare-certified home health care agency.

Adult day care is also an option and a good way to get your parent to socialize with other adults. Prices for day care can cost up to $100 a day or more, depending on the amount of attention and activities provided, and reduced rates may be offered for those who canít afford the full charge. Call your local senior services groups and agencies to find one of the thousands of nationwide day care centers that may match your needs.

If sending your parent to a nursing home is inevitable, make sure you research each home extensively. Reservations at the home selected should be made at least a year ahead of the time that you expect your parent will need it, as waiting lists can be long at well-respected facilities. Keep in mind, too, that the government offers limited financial help for those families paying for nursing home care.

Medicare will only pay for care on a short-term basis, and Medicaid only offers benefits to low-income individuals with very limited assets. And, with the average nursing home stay costing upwards of $90,000 per year, financial planning has become even more crucial to the economic well-being of adult children responsible for the care of their elderly parents.

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano.